NEW YORK (CBSNewYork) — An old-fashioned way of scoring cash is making a comeback with a twist.
As CBS 2′s Maurice DuBois reported Tuesday, high-end, luxury pawn shops are popping up all over, offering loans on some very pricey items.
Michele Savoia loves his motorcycle and his 1958 Chris Craft, but he couldn’t afford both. So he came up with a plan to use his first love to help finance his new love and turned to a pawn shop looking for high-end items.
Tom McDermott, chief executive officer of Borro USA, says his company fills a lending void by providing low-interest collateral-based loans.
“The average person has accumulated – either directly or through inheritance – some assets. We offer them the opportunity to get a loan against it,” McDermott explained.
Assets such as diamond encrusted Tiffany bracelets, a signed Andy Warhol sketch, a Rolex watch, even an MTV Music Award, DuBois reported.
Read more at: CBS Local